Investor Presentaiton

Sizable international reserves are an important backstop for external stability and key policy anchor International reserves (End-of-period) Current account balance compared with Latam (In % of GDP, 2019) 20 20 1 0,7 0 -1 -2 -3 -4 -5 15 10 10 5 In USD billion in % of GDP (right axis) 35 15,9 30 29,2 25 0 2010 2012 2014 2016 2018 Apr-20 International reserves compared to LatAm (In % of GDP, 2019) 15 GN NW 25 20 30 10 -6 5 URY MEX ECU ARG PRY PER BRA BOL CHL COL PAN 0 Source: Central Bank of Uruguay; International Monetary Fund 20 15 10 10 PER URY PAR BRA COL BOL MEX CHL ARG PAN ECU 20 20

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